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News, updates and announcements.

Closing Costs 101: INTRO

12/14/2015

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This is our first installment of a series of educational articles. Check back for more!

Feeling A Little Overwhelmed?
Are you thinking to yourself, what are all of these closing costs that my realtor/lender/the internet keeps ambiguously advising me that I should factor into the cost of buying a new home? Where is that 2 to 5 percent of my total purchase price going? What am I paying for? Am I getting a good deal? Is that exorbitant (and constantly increasing) rent I’m paying to my slumlandlord really all that bad?

​You’re Not Alone!
Last month, results of a nationwide survey conducted by ClosingCorp (a company 
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that provides data on closing costs to the mortgage and real estate industries) revealed that approximately two-thirds of Millennials, adults 18-34, who plan to buy a home are unaware of closing costs. Further, the survey found that more than one-third of adults from all age brackets of potential homeowners are “Not Very” or “Not At All” 
aware of closing costs.
In a series of articles, written by a bona fide “newbie” to closing costs (with considerable help from seasoned professionals), we are going to attempt to explain all that is involved from a perspective that won’t involve complicated jargon and will address the information that is often not mentioned by industry professionals who assume you already know the basics.

​
What Will I Pay?
You can see what your closing costs might be by using FICO’s Closing Cost Calculator:
http://www.myfico.com/loancenter/mortgage/calculators/closingcosts.aspx

​Here’s Where Your Money Is Going
According to howstuffworks.com, this is an exhaustive list of the fees that may be included in closing on a home purchase (this varies by location, down payment amount, lender, etc.):
  • Processing Fee
  • Appraisal Fee
  • Origination Fee
  • Discount Points
  • Document Preparation Fee
  • Attorney Fees
  • Home and Pest Inspections
  • Homeowner’s and Hazard Insurance
  • Private Mortgage Insurance (PMI)
  • Surveys
  • Prepaid Interest
  • Deed Recording Fees
  • Title Search Fees
  • Title Insurance
  • Closing Taxes
 
Still Overwhelmed? Don’t Worry, We’re Here to Help!
Don’t know what half of the things on this list are? We’ll go over them in a way that won’t make you want to scream in frustration. Keep checking back or subscribe to make sure you don’t miss anything! ​
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